Do you have a Massachusetts and New Hampshire MA NH house that’s in foreclosure right now? Many people going through the MA NH foreclosure process want to get out from under that burdensome house and wonder if they can sell the house in foreclosure. The short answer: yes. The long answer: If your house is in foreclosure in Massachusetts, you may still have options to sell it, but it can be a more complex process, but usually you can sell your property prior to foreclosure. Generally, the sooner you start, the better.
In Massachusetts, you generally have the right to sell your house, even if it is in foreclosure. However, there are some important considerations and steps to follow when selling a house in foreclosure. Here’s how it generally works:
- Understand the foreclosure process: Familiarize yourself with the foreclosure laws and processes in Massachusetts. Foreclosure is a legal process initiated by the lender when a homeowner fails to make mortgage payments. It typically involves a public auction or a court-ordered sale to recover the outstanding loan balance.
- Consult with professionals: Seek advice from a real estate attorney who specializes in foreclosure or a foreclosure specialist who can guide you through the process and explain your rights and obligations. They can help you understand the specific laws and requirements in Massachusetts.
- Communicate with your lender: It’s crucial to keep an open line of communication with your lender throughout the process. Notify them of your intention to sell the house and keep them informed about the progress. This can help you negotiate certain aspects of the foreclosure and potentially avoid the auction or delay the foreclosure proceedings.
- Determine the sale price: Work with a real estate agent or appraiser to determine the fair market value of your property. Consider the condition of the house, market conditions, and any outstanding liens or encumbrances.
- Market the property: List your house for sale on the market through a real estate agent or other appropriate channels. Advertise the property to attract potential buyers and generate interest. Ensure that all disclosures required by law are made regarding the foreclosure status of the property.
- Negotiate with the lender: If you receive an offer from a buyer, you may need to negotiate with your lender regarding the terms of the sale. This could involve obtaining a payoff amount or negotiating a short sale if the offer is lower than the outstanding loan balance.
- Complete the sale: Once you have an accepted offer, proceed with the sale like any other real estate transaction. Work with your attorney or closing agent to prepare the necessary documents, handle the title transfer, and close the sale.
Working With Banks During The Foreclosure Process
If you’re facing foreclosure in Massachusetts, it’s important to understand the process and the options available to you. Dealing with banks during the foreclosure process can be complex, but there are steps you can take to protect your rights and potentially find a resolution. Here’s a general overview of how to work with banks during the foreclosure process in Massachusetts:
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Keep detailed records of all communication, including dates, times, and names of the individuals you speak with. Document any agreements or promises made during the process.
- Explore all your options, including loan modifications, short sales, or deed in lieu of foreclosure. Depending on the details of your personal situation, you may be able to dramatically slow down the foreclosure process with enough effort. However, banks may have strict criteria and processes for considering these options. It can be challenging to navigate these negotiations and reach a mutually beneficial solution.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your Massachusetts and New Hampshire house in foreclosure fast, call us now.
We specialize in helping homeowners in situations including foreclosure around Massachusetts and New Hampshire and the whole state of MA NH get out of difficult situations and avoid foreclosure. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Massachusetts and New Hampshire, we can help you.
We buy properties like yours from people who need to sell fast.